(May 30, 2006) Canadian fund GrowthWorks recently invested $9.5 million in three Canadian companies.
Advanced Glazings of Sydney, Nova Scotia received $2.5 million, SaskAlta Base Oils $2 million and $5 million went to Viron Therapeutics of London, Ontario.
“We are impressed by the strength of the management teams and the technology behind these diverse companies,” said Les Lyall, senior vice president of GrowthWorks. “We look forward to working with each of these companies to help them compete and succeed in their markets.”
Vancouver-based GrowthWorks has approximately $800 million in assets and also operates several other employment funds, such as the Working Opportunity Fund, GrowthWorks Commercialization Fund and GrowthWorks Atlantic Venture Fund.
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CI changes the composition of funds
(May 30, 2006) CI Investments announced a number of changes to its fund family, including name changes, four fund mergers and a proposal to expand the investment objectives of the Signature Dividend Fund.
More than a dozen funds will receive new names, including Synergy Extreme Canadian Equity Fund, which will be renamed Synergy Focus Canadian Equity Fund, Synergy Extreme Global Equity Fund, which will be renamed Synergy Focus Global Equity Fund, and CI Global Boomernomics Corporate Class, which will will now be called CI Global Balanced Corporate Class.
As a result of the changes, a number of ring-fenced funds will have new names or new underlying funds.
CI also proposes a merger of four funds: CI Explorer Fund with CI American Small Companies Fund, CI Explorer Corporate Class with CI American Small Companies Corporate Class. Additionally, I Explorer Fund Insight Units will be combined with CI American Small Companies Fund’s Class F units.
Both the CI Explorer and CI American Small Companies funds are managed by Epoch Investment Partners and invest primarily in North American small-cap companies.
“As the Canadian small-cap market is limited in size and liquidity, CI believes that investors in the CI Explorer Fund will benefit from connecting to a fund with a broader set of investment opportunities while maintaining exposure to the small-cap asset class.” He told you.
Other mergers include CI Canadian Growth Portfolio into CI Global Balanced Portfolio and CI Canadian Maximum Growth Portfolio into CI Global Maximum Growth Portfolio. In both cases, the investment objectives of portfolio funds are similar.
Finally, the investment objectives of the Signature Dividend Fund will be updated to allow it to invest primarily in dividend-paying common and preferred stocks of Canadian companies, and also invest in other common stocks, fixed income securities and income trusts, and foreign securities. Currently, the fund invests a significant portion of its portfolio in preferred shares. However, preferred stock market liquidity and the supply of new issues have declined in recent years, reducing the number of attractive investment opportunities in the sector, CI explained.
Special unit owner meetings regarding the merger are scheduled for late July, although the name changes are scheduled to take effect on June 30.
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World Cup fever hits the markets
(May 30, 2006) Brazil closes its stock exchange early for two days when the country’s national soccer team plays first-round matches on weekdays.
Bovespa will close two hours early on June 13 and 22, when Brazil plays Japan and Croatia respectively. Brazil’s second first-round match is played over the weekend.
The early closure comes after the blessing of Brazil’s central bank, which announced last month that the country’s financial institutions must be open for at least four hours on days when Brazil plays World Cup matches.
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Saskatchewan ready to approve passport design
(May 30, 2006) Saskatchewan Securities Regulator Launches New Solution Act amending the Securities Act effective June 1, which would give the province new powers to implement a securities regulation passport system.
Under the new regulations, Saskatchewan will have the power to delegate and receive delegations from other jurisdictions, adopt or incorporate the laws of another jurisdiction, grant exemptions based on an issuer’s compliance with the laws of another jurisdiction, and adopt decisions from other jurisdictions. jurisdictions.
The province is amending its definition of “Saskatchewan securities laws” to include non-provincial securities laws that have been adopted or incorporated.
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